Leadership and Moral Responsbility

GET THE FACTS BEHIND THE NEWS

Guest comment by David Gibbs, prominent Boston Attorney--Mr. Gibbs is commenting specifically about the "bailout bonuses". His observations also have a far wider applicability for our private and public leadership.

"Every contract has a covenant of good faith and fair dealings. Diretors, officers and those in a position of trust owe a fiduciary duty of the highest level. I believe those doctrines and others would be a basis for a refusal to pay the bonuses or to litigate their return. Oliver Wendell Homes often wrote that a party may choose whether to perform a contract or pay the damages. Prof Fried is simply wrong when he states that damages are not a substitute for performance. Finally Pres Truman nationalzed the steel industry after World War II duing a labor dispute.

If all else fails Congress should consider reinstituting the draft. If the executives and traders who lost billions and now collect bonses of millions were drafted they could not cause further loses and serve their country rather than themselves.

We must remember that those in service and their families are the true heroes and patriots who deserve bonuses, our thanks and prayers.